505.701
Community improvement corporations.

The board of trustees
of any township, through unanimous vote of its membership, may designate,
participate in, and cooperate with any community improvement corporation
organized under Chapter 1724. of the Revised Code and may give financial or
other assistance, including any fees generated by the corporation, to that
corporation to defray the expenses of the
corporation. The corporation may use the board's
contributions for any of its functions under Chapter 1724. of the Revised Code
subject to any limitations as may be provided by resolution of the board of
trustees. Any moneys contributed by the board to the
corporation shall be drawn from the general fund of the township not
otherwise appropriated.

In addition, the
board may purchase real property for the purpose of transferring that property
to the community improvement corporation. In order to finance the purchase of
that real property, the board may issue general obligation bonds of the
township in accordance with Chapter 133. of the Revised Code, for which the
full faith and credit of the township shall be pledged.